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HomeMy WebLinkAboutA024 - Irrevocable Standby Letter of Credit No. 29 dated November 16, 2010 - $2,000 �1 Ames P 107 Main Street Community BankFx 1515.956.4343 515.956.4344 Ames,Iowa 50010 104 Chestnut Street 4510 Mortensen Road Ames,Iowa 50010 Ames,Iowa 50014 IRREVOCABLE STANDBY LETTER OF CREDIT #29 Date of Issue: November 16,2010 Issuer: Ames CommunityBank Applicant Name and Address: Beneficiary Name and Address: Southern HUs West,LP City of Ames,Iowa 1220 Southern Hills Dr 515 Clark Ave. Arnes,Iowaa 50010 Arms,Iowa 50010 LETTER OF CREDIT The undersigned,Ames CommunityBank of 104 Chestnut St.,P.O.Box 1766,Ames,Iowa 50010, (hereinafter referred to as issuer),hereby establishes this Irrevocable Standby Letter of Credit(Letter of Credit)in favor of Beneficiary in an amount not to exceed the aggregate sum of Two Thousand Dollars($2,000.00). Beneficiary may draw on this Letter of Credit as detailed below. DRAWINGS Beneficiarymay draw on this Letter of Credit bysubmitting to issuer a Draft(or draw request) along with copies of all invoices to be paid under the Draft request. Each Draft shall be signed on behalf of the Beneficiary and be marked"Drawn under Ames Community Bank Letter of Credit#19 dated 11/16/2010". Drafts must be presented at Issuer's address shown above on or before the Expiration Date of the Letter of Credit. The presentation of any Draft will reduce the Amount available under this Letter of Credit by the amount of the Draft. Issuer shall be entitled to accept a draft and the documentation described above,as required by the terms of this Letter of Credit,from anyperson purporting to be an authorized officer or representative of Beneficiarywithout any obligation or duty on the part of Issuer to verifythe identity or authority of the person presenting the draft and such documentation. EXPIRATION DATE This Letter of Credit expires at the close of business at Issuer's address at 3:00 PM on November 15, 2011. Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. This Letter of Credit is Non-Transferable. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit,or any document to which this Letter of Credit maybe related. APPLICABLE LAW This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision),International Chamber of Commerce Publication No.500(UCP),or any later version or amendment. This Letter of Credit shall also be governed bythe laws of the State of Iowa,the United States of America,so long as such laws are not inconsistent with the UCP. www.amesbank.com Mambet FDIC �„ 5 The Issuer hereby undertakes that all Drafts drawn and presented with the required documentation as specified above will be duly honored by the Issuer. SIGNED AND DATED this C19 day of November,2010 Ames CommunityBank (Issuer) ignature) Aex.+ (Title) The above irrevocable letter of credit is accepted and approved as to form. Execution of the approval shall not be construed to affect the date upon which this irrevocable letter of credit is effective. Signed at Ames,Iowa this day of {� �-- ,2010 City of Ames.Iowa (Beneficiary (Signature) (Title) a-©'O �e�L�.u�l.�c� �ck(n cr�.�3��C1 G�Z/�✓�-�vl i 6 7j C-o w�vv-'.B�✓1�L APPR(?,o AST FORM BY / U/ [� DO GLAS R. RE CITY ATTORNEY